GLPI reports steady revenue increase following acquisitions in 2021

Gaming and Leisure Properties Inc. (GLPI) has recorded revenue figures of USD$1.22bn (£910.0m/€1.09bn) for 2021, representing a 5.5% increase on the previous year.


$1.11bn of the revenue total came from rental income from real estate, an increase of 7.8% from 2020. Revenue from gaming, food and drink, and other sources amounted to $109.7m.

Operating expenses for the year rose slightly to $374.6m, compared to $343.9m in 2020. Depreciation of $236.4m was the largest expense, followed by $61.2m general and administrative costs and $53.0m gaming, food and drink costs. Land rights and ground lease expenses added a further cost of $37.4m.

After including other expenses of $279.3m, pre-tax profits for the year totaled $562.4m. When accounting for income tax of $28.3m, net profits for the year came to $534.1m - a 5.6% increase on 2020.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 5.8% for the year to $1.10bn.

In terms of the fourth quarter of 2021, revenue for GLPI was $298.3m, down from $300.2m during the corresponding period in 2020. While revenue from rental income rose 6.4% to $285.4m, revenue from gaming, food, drink and other sources fell to $12.9m from $31.8m in Q4 2020.

With total operating expenses $93.8m at other expenses at $68.2m, as well as $16.6m in income tax, net profit for the quarter totaled $119.6m, a 29.4% decrease compared to 2020.

During 2021, GLPI agreed a $1.81bn leaseback deal with the Cordish Companies which saw it acquire the real estate assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh.

The company also entered into an agreement with Bally's Corporation to assume control of its real estate assets in in Rock Island, Illinois and Black Hawk, Colorado. It is expected that both parties will add the properties to the master lease created in connection with Bally's acquisition of Tropicana Evansville and Dover Downs Hotel & Casino.

GLPI also completed the sale of of the operations of Hollywood Casino Baton Rouge to Casino Queen during the year.

GLPI chairman and CEO Peter Carlino said: “Looking forward, we believe GLPI is well positioned to deliver long-term growth based on our relationships with the nation’s most esteemed regional gaming operators, our rights and options to participate in select tenants’ future growth and expansion initiatives, and our ability to structure and fund transactions at attractive rates.

“Taken together, these factors support our confidence that the company is well positioned to extend its long-term record of shareholder value creation.”